LMRKTS first to offer Cobalt's BlueSky blockchain services

First Published 11th April 2017

Cobalt DL, the FX post-trade processing network
based on distributed ledger technology, has announced a
partnership with LMRKTS, who will be the first firm to offer
services on its BlueSky service, the shared ledger component of
Cobalt's platform.

Cobalt delivers a private peer-to-peer network
that can reduce post-trade costs and risk for institutions
operating in FX markets. The Cobalt platform is designed to
create a single, shared view of a transaction on shared
infrastructure and can help clients to reduce reconciliation and
operational costs by up to 80%.

Cobalt BlueSky enables third party technology
providers to develop their own applications based on access to
the database of reconciled transaction data created by the Cobalt
network. Access by these technology partners to the BlueSky
database will be subject to governing legal service agreements
with Cobalt participants who retain control over their
data.

LMRKTS provides multi-lateral portfolio
compression that can drive down exposures and reduce costs for
participants in different asset classes and applications. Because
it is delivered as an analytic that bolts on to existing and new
infrastructure, it provides both scale and processing to LMRKTS'
clients. By partnering with Cobalt BlueSky, LMRKTS aims to offer
improved multi-lateral compression services to the broader group
of Cobalt's ledger members as well as existing LMRKTS customers.
LMRKTS will use Cobalt's reconciled transaction data to drive
compression algorithms.

In the future, Cobalt BlueSky will enable
partners to provide services such as risk analytics, transaction
cost analysis, regulatory reporting or clearing.

Adrian Patten, Co-Founder and Chairman of
Cobalt, said: "We are delighted to welcome LMRKTS as a BlueSky
partner. Our partnership brings together 18 of the leading FX
participants to take advantage of LMRKTS improved compression
services and is the next step in our mission to cut costs and
reduce risk for all market participants. We look forward to
increasing the number of collaborations over the coming weeks and
months".